18323 Newell Rd · Shaker Heights, OH 44122

$259,900

6 bd · 3.0 ba · 3,350 sqft · MultiFamily public records · 45 Days on market

Built 1927 6,682 sqft lot $78/sqft · 18% below area Est $316k · 18% under

---

Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +4.5/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Ready & Clean for New Owner to move in. Handsome Tudor. Well maintained . 1st floor: 2 Bedrooms, Sunroom for office, Bath, Oak floors. 2nd floor: 2 Bedrooms , Sunroom for office, Bath, Oak floors. 3rd Floor: rents separately - $650/mo, private entrance, 1 Bedroom, Living room, Full Bath. Updated hot water tanks, Forced air Furnaces. Gable roof 2 car Garage. Short distance to Van Aken Market District. Let Rental income pay most of you Housing expenses. Point of Sale inspection is all Clear. See supplements. rents separately.

Key facts

• Gable roof
• Sunroom for office
• Forced air furnaces

Tags

• SUNROOM FOR OFFICE
• UPDATED HOT WATER TANKS
• FORCED AIR FURNACES
• GABLE ROOF
• PRIVATE ENTRANCE
• RENTAL INCOME

Property features AI

Finance

• Financial info: Owner pays exterior maintenance and trash collection; Tenants pay cable, electricity, heat, hot water, snow removal, sewer and water; Two leased residential units generating rental income ($1,105 and $1,225 actual rents)
• HOA & community: Playground nearby; Restaurants nearby; Street lights and sidewalks in neighborhood

Exterior

• Parking: Detached garage that faces the side; Driveway (shared driveway, private access available)
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: Multi-story property (3 stories); Faces southwest; Single building
• Construction: Brick, shingle siding and wood siding exterior; Asphalt/fiberglass roof
• Exterior features: Rain gutters; Sloped front yard; Near public transit; Wooded lot

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Bathrooms: Three full bathrooms (total for property); Each unit includes 1 bathroom
• Heating & cooling: Gas heating with forced air and baseboard
• Interior features: Built-in bookcases; Crown molding; Entrance foyer; Primary bedroom on main level; Storage space; Wood-frame windows with blinds
• Laundry & utility: Washer hookup in basement

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $260k).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.7% vs local median 2.5% in Shaker Heights — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 89/100 on livability (#15 in OH, #134 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F.
• Shaker Heights City (suburban): math 50% / reading 63% proficiency, ranked #309 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.1%/yr); 183 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• At $5,686/mo this rent would consume 67% of the median local household income ($101k/yr) (locally 1294% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $73k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $133k; list at $260k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $252,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.19% ✓
• Cap rate: 16.70%
• Cash-on-cash: 37.18%
• DSCR: 2.65
• GRM: 3.8

CMA / ARV

• ARV (median comp): $316,336
• List price: $259,900
• Delta: -17.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17928 Winslow Rd	0.16mi	7/3.0 (+1)	3,150 (-6%)	3mo	$336,500	$107	75
18717 Winslow Rd	0.22mi	5/3.0 (-1)	3,454 (+3%)	11mo	$341,750	$99	71
18431 Newell Rd	0.08mi	7/3.0 (+1)	3,655 (+9%)	7mo	$281,500	$77	70
18405 Newell Rd	0.03mi	7/3.5 (+1)	3,094 (-8%)	11mo	$310,000	$100	70
18423 Winslow Rd	0.14mi	6/3.0	2,975 (-11%)	13mo	$326,000	$110	64
3553 Ingleside Rd	0.22mi	6/4.0	2,923 (-13%)	7mo	$375,000	$128	59
19229 Winslow Rd	0.42mi	6/3.0	3,037 (-9%)	7mo	$390,000	$128	59
19406 Chagrin Blvd	0.43mi	6/4.0	2,942 (-12%)	2mo	$352,000	$120	54
3454 Ingleside Rd	0.24mi	6/2.0	2,980 (-11%)	17mo	$203,520	$68	52
19835 Winslow Rd	0.60mi	6/4.0	3,000 (-10%)	15mo	$349,900	$117	38
3644 Rolliston Rd	0.65mi	6/3.0	3,000 (-10%)	18mo	$250,000	$83	38
3658 Strathavon Rd	0.61mi	7/3.0 (+1)	2,940 (-12%)	18mo	$226,250	$77	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.15% rent growth · sell at horizon

5-year hold

• IRR: 30.8%
• Equity multiple: 2.26×
• Total profit: $91,440
• Equity at exit: $38,752

10-year hold

• IRR: 36.9%
• Equity multiple: 4.09×
• Total profit: $224,880
• Equity at exit: $22,471

Cash invested: $72,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44122

• Rents YoY: 1.1%
• Active inventory: 183
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $5,686 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$766 /mo · $9,194/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,194
• Net cashflow: $2,255

Break-even live

Break-even rent $2,832

Max offer price $259,900

Occupancy floor 55%

Sensitivity live

Price	-10% $2,402	-5% $2,328	+0% $2,255	+5% $2,181	+10% $2,107
Rent	-10% $1,805	-5% $2,030	+0% $2,255	+5% $2,479	+10% $2,704
Rate	-1.0pp $2,385	-0.5pp $2,321	base $2,255	+0.5pp $2,187	+1.0pp $2,119

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,706
▸ 2× units	2	1	$2,978
Total (4 units)			$5,686

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2975 Claremont Rd Shaker Heights, OH	5.0	3.0	3241	$3,200	$0.99	12d	1	0.80mi

Listing history 18 events

1. 2026-06-21
   days on market $259,900 Active 45 DOM
2. 2026-06-18
   days on market $259,900 Active 42 DOM
3. 2026-06-17
   pricedays on market $259,900 Active 41 DOM
4. 2026-06-16
   days on market $268,900 Active 40 DOM
5. 2026-06-15
   days on market $268,900 Active 39 DOM
6. 2026-06-13
   days on market $268,900 Active 37 DOM
7. 2026-06-13
   days on market $268,900 Active 36 DOM
8. 2026-06-09
   days on market $268,900 Active 33 DOM
9. 2026-06-08
   pricedays on market $268,900 Active 32 DOM
10. 2026-06-07
    days on market $275,900 Active 31 DOM
11. 2026-06-03
    days on market $275,900 Active 27 DOM
12. 2026-06-02
    days on market $275,900 Active 26 DOM
13. 2026-06-01
    days on market $275,900 Active 25 DOM
14. 2026-05-31
    days on market $275,900 Active 24 DOM
15. 2026-05-07
    listed $275,900 Active 535-char remark
16. 1998-08-21
    soldstatus $133,000
17. 1987-07-22
    soldstatus $122,000
18. 1979-10-15
    soldstatus $81,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $9,194 · $766/mo
• Projected year-2 tax: $9,194 · $766/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,232
• − Mortgage interest: −$14,558
• − Property taxes: −$9,194
• − Insurance: −$1,300
• − Repairs & maintenance: −$5,459
• − Management: −$5,459
• − Depreciation: −$7,561
• Taxable income: $24,702
• Est. tax owed @ 24.0%: −$5,928
• After-tax cash flow: $21,126/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Shaker Heights City
• NCES district ID: 3904475
• Math proficiency: 50% ▼ -16.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $69,421
• Composite: 49.98/100
• National rank: #1928
• State rank: #309 of 656 in OH

Livability — Shaker Heights

• Score: 89/100
• State rank: #15
• US rank: #134

Category grades

Amenities F Commute A+ Cost of living A Crime A+ Employment A+ Housing A+ Health & safety B- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shaker Heights, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 69,880
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 36,678
• Household income: $101,230
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1294.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Black 29% Asian 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Scotch-Irish 5% Italian 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 85% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.81%
• Current HPI: 200.5087
• Rent YoY: ▲ 1.15%
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+220.9% since first listed

6 events — show timeline

• 2026-06-16 Price Changed $259,900 MLSNOW
• 2026-06-08 Price Changed $268,900 MLSNOW
• 2026-05-07 Listed $275,900 MLSNOW
• 1998-08-21 Sold (Public Records) $133,000 Public Records
• 1987-07-22 Sold (Public Records) $122,000 Public Records
• 1979-10-15 Sold (Public Records) $81,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $9,194 · +13.2% YoY. Source: county tax records.